Kathmandu: Bangladesh’s insurance regulatory authority, the Insurance Development and Regulatory Authority (IDRA) has ended the monopoly of general insurance for health insurance package.
The IDRA allowed life insurance companies to sale comprehensive health insurance package.The new directive on health insurance states that both life and general insurance companies can sale health insurance policies.
The regulatory is hopeful to increase the coverage of health insurance to wider population with the inclusion of life insurers in that segment.
There are 81 insurance companies in Bangladesh.
Despite a large numbers of insurers in the country, the contribution of insurance industry in the GDP is very poor. The insurance penetration is around 1 percent. The country’s insurance industry is suffering from corruption and irregularities.